Hightex Group resumes trading on AIM with first half results

Hightex was suspended from trading on September 26th because of uncertainty over certain receivables due from its Brazilian joint venture, SEPA Hightex Coberturas Ltda, which prevented the company from reporting its financial statements for the half-year ended June 30th.

The company was re-admitted to AIM as it published the first half results on Wednesday.

The firm reported a turnover of €3.4m, down from €7.9m, and gross profits dropped to €0.5m from €1.1m.

The pre-tax loss widened to €1.5m from €1m.

The company blamed the troubles with its Brazilian joint venture and a delay on work on the Prince Sultan Cultural Centre in Riyadh, Saudi Arabia, as a result of changes in local construction codes.

Hightex has entered into a loan facility agreement of up to $10m with the TCA Global Credit Master Fund LP to provide working capital for the next half.

Charles DesForges, Executive Chairman of Hightex, said: "We are very pleased to be trading on AIM once again and thank TCA for their support in this process.

"We now have funds which will allow us to build on our acknowledged technical expertise. Hightex continues to work on a pipeline of substantial projects and we look forward to updating shareholders in due course."

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